Nifty remained volatile for yet another session and ended marginally in the green amid a lack of fresh triggers - Religare Broking Ltd
NIFTY
* Nifty remained volatile for yet another session and ended marginally in the green amid a lack of fresh triggers.
* After a flat start, the Nifty gradually moved higher in the first half and tested the resistance at 25,200, but failed to sustain the momentum and settled at the 25,141 level.
* A fresh trigger is needed for the Nifty to decisively surpass the 25,200 hurdle; otherwise, the ongoing consolidation may continue.
* Amid this backdrop, we recommend maintaining a stock-specific approach and focusing on prudent trade management, especially considering the overbought conditions in several midcap and smallcap stocks.
BANK NIFTY
* Banking index witnessed more profit booking for second straight session but still the tone remains positive.
* The index remained largely subdued but witnessed some volatility eroding all of its early session gains in the second half.
* Barring Aubank and Icicibank, all the banking majors ended in red wherein PSU counters like Bankbaroda saw sharp cut.
* As the index continues to oscillate within a range, dips towards 56300-56000 can be utilized for longs, for resistance at 57100.
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